About:
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List of 12 initiatives |
Access to Credit
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1. Through 59-minute loan portal, Loans upto Rs. 1 crore to MSMEs can be granted in-principle approval in just 59 minutes. Link to this portal will be made available through the GST portal. 2. A 2% interest subvention for all GST registered MSMEs has been announced on fresh or incremental loans. For exporters who receive loans in the pre-shipment and post-shipment period, the interest rebate has been increased from 3% to 5%. 3. All companies with a turnover of more than Rs. 500 crores will be compulsorily brought on the Trade Receivables e-Discounting System (TReDS). |
Access to Markets
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4. Public sector Undertakings (PSUs) companies will have to compulsorily procure 25%, instead of 20% of their total purchases from MSMEs. Out of the 25%, 3% must now be reserved for women entrepreneurs. 5. All PSUs of the Union Government (including their vendors) must now compulsorily be a part of Government-e-marketplace (GeM). More than 1.5 lakh suppliers have now registered with GeM, out of which 40,000 are MSMEs. |
Technology Upgradation
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6. Tool rooms across the country are a vital part of product design. Thus, 20 hubs will be formed across the country, and 100 spokes in the form of tool rooms will be established. |
Ease of Doing Business
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7. Clusters of pharma MSMEs will be established. 70 % cost of establishing these clusters will be borne by the Union Government. 8. Government Procedures will be simplified. The return under 8 labour laws and 10 Union regulations must now be filed only once a year. 9. The establishments to be visited by an Inspector will be decided through a computerised random allotment. 10. Presently, an entrepreneur needs two clearances namely, environmental clearance and consent for establishing a unit. From now onwards, under air pollution and water pollution laws, now both these have been merged as a single consent. 11. Under a new Ordinance brought, entrepreneur can correct minor violations under the Companies Act through simple procedures, instead of approaching courts. |
Social Security for MSME Sector Employees |
12. A mission will be launched to ensure that they have Jan Dhan Accounts, provident fund and insurance.
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